Tashkent, January 3, 2025 – The Europe Today: President Shavkat Mirziyoyev has been briefed on the detailed measures to ensure the effective implementation of the recently enacted Law “On the State Budget of the Republic of Uzbekistan for 2025.” The law, comprising 17 articles and 10 appendices, outlines the nation’s economic framework for the coming year, with Uzbekistan’s GDP projected to grow by 6 percent in 2025.
Budgetary Highlights
The consolidated budget for 2025 was approved with a deficit of 3 percent of GDP. Revenues are projected at 431 trillion Uzbek soums (UZS), while expenditures are set at 480.5 trillion UZS. The State Budget and state target funds have been balanced with a deficit of 2 percent of GDP, with revenues of 308.5 trillion UZS and expenditures, including transfers to target funds, totaling 344.8 trillion UZS.
For local governments, the budget anticipates revenues of 65.8 trillion UZS and expenditures of 84.3 trillion UZS for the Republic of Karakalpakstan, regions, and Tashkent city. Inter-budget transfers amounting to 18.5 trillion UZS will be allocated from the republican budget to support local budgets.
Social Expenditures a Priority
The 2025 budget retains a strong focus on social sectors, allocating 52 percent of the State Budget to education, healthcare, social protection, and the development of science, culture, and sports. Additionally, funds are earmarked for housing support for low-income citizens, reinforcing the government’s commitment to enhancing the quality of life.
Tax Reforms and Local Budget Independence
To bolster local budgets and enhance fiscal independence, new tax measures have been introduced. Districts and cities will now retain:
- Full revenues from turnover tax, land tax, and property tax for legal entities (excluding large taxpayers).
- At least 50 percent of personal income tax revenues (excluding large taxpayers).
- 50 percent of proceeds from the privatization of state property allocated to local budgets.
Local councils have been granted the authority to adjust tax coefficients for specific tax categories, providing greater flexibility and autonomy.
Focus on Economic and Social Development
The 2025 State Budget aims to ensure the progressive development of Uzbekistan’s economy, address critical social issues, and improve the well-being of its citizens. Through targeted solutions and strategic fiscal planning, the government seeks to maintain economic stability while fostering inclusive growth.
The measures outlined in the budget reflect Uzbekistan’s commitment to achieving sustained development and prosperity for its population in the coming year.
